2021 F8 what would you do after 1 year | Page 4 | FerrariChat

2021 F8 what would you do after 1 year

Discussion in '458 Italia/488/F8' started by fxbianca, Jan 15, 2021.

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  1. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    One in one hundred Americans has more than 10 million dollars. I think we'd see sales greater than 1,000 cars the moment they drop to 1,000 cars a year (except Lambo ;)), maybe more of the people I know with more than 10 million dollars would actually buy one!
     
  2. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    OP: I think it is best to pay cash for toys. Does that mean not to take out a loan? No. But have the money to pay off the loan specifically to work. Not in your personal company. If you want to put the cash for the car in a REIT paying 6%, while the loan on the car is 2%, it is a gamble, but makes sense. Taking out a loan and hoping you make more money in the future seems like a bad idea for a toy.

    I really want a Speciale, but until I have enough net worth to not work again, I cannot justify it. I'd rather have unlimited time to drive my Speciale from say 45 years old to death, than have it from 40-44 years old, only drive it on the weekends, then sell it because something catastrophic happened to my business. I still have a regular ole 458 for fun anyhow, right? :-D
     
    m3doc likes this.
  3. LVP488

    LVP488 F1 Rookie

    Jan 21, 2017
    4,839
    France
    That may be nitpicking but it's the 1% household, which should translate into a lower (no idea by how much) percentage of people (assuming a family is typically more than one person)...
     
  4. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    Are you sure about those stats? I would say maybe a couple hundred thousand families at most have more than 10 million. Maybe less than that.
     
    rossodino likes this.
  5. Condor Man

    Condor Man F1 Rookie
    Rossa Subscribed

    Sep 8, 2006
    4,843
    Los Angeles
    Here’s the deal.

    1. The F8 is much faster and modern.

    2. The F8 doesn’t sound as good as the 458.

    3. You need to decide if you value sound over sheer performance and modern creature comforts.

    If so;

    4. Tell the dealer you are struggling to close on the F8 unless you can get a reasonable price for the 458. Then trade her in.

    5. Use this cash towards the F8.

    6. Enjoy the new F8 and drive the wheels off it as your stress relief.

    7. Never listen to cash man internet warrior as he is a hero.


    May the Horse be with you
     
  6. Condor Man

    Condor Man F1 Rookie
    Rossa Subscribed

    Sep 8, 2006
    4,843
    Los Angeles
    It was big number.

    I think it factors in the Uber wealthy and then divides it by the total humans.


    May the Horse be with you
     
  7. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

    I’d agree-option. #3.
    Based on us not knowing ur business type etc


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  8. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

    Not necessarily true. Why tie up money when rates are so low?
    Personally I mostly like older cars and they don’t depreciate that much but still


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  9. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

    Exactly!


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  10. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

    Welcome to Miami,LA and Vegas;)


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    TifosiConch likes this.
  11. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

    Wow judgemental much


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  12. Alexcle

    Alexcle Karting
    Silver Subscribed

    Jan 2, 2018
    151
    Full Name:
    Alex D
    Ferraris are a passion and seldom make logical sense. I would think it’d be wise to wait for economic stability/ clarity first, enjoy the 458 and buy an f8 used for less than msrp when time is right. The f8 will be plentiful in time will only get cheaper. Toys are so tempting!
     
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  13. Jo Sta7

    Jo Sta7 F1 Rookie
    Rossa Subscribed

    Oct 13, 2015
    4,896
    Scottsdale/Pittsburgh
    Full Name:
    Jon
    I agree I think it’s probably 1 in 10k Americans max.
     
  14. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    I haven't done the calculation myself, it supposedly comes from this fed data.

    Forbes calculated similar, but smaller numbers in 2019.

    Long story short, it is much easier to be in the top 1% of income earners. That's just $500k/yr. But that income level is around what the top 1% make in dividends and interest on their $10MM.

    And yes, this is household wealth. So you can count your spouses half of your money too if you want to compare apples to apples.
     
  15. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    Probably closer to one and 100,000
     
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  16. rossodino

    rossodino Formula Junior

    Dec 16, 2007
    447
    corona del mar, ca.
    Full Name:
    bruce sansone
    I was thinking the same, those others stats are way off.
     
  17. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    Maybe they are, but Forbes and the Fed seems like reliable sources to me. You are welcome to find a different source and cite it.
     
  18. Chizz

    Chizz Formula Junior
    Owner Rossa Subscribed

    May 21, 2017
    995
    Atlanta
    I read this thread early this morning and I have been thinking about this ever since. I read a comment from someone who
    Stated they didn’t think much of someone who couldn’t pay cash for a Ferrari. I am a surgeon and I do ok for myself. I can’t begin to touch the wealth some of you guys have. Wealth is a lifelong accumulation for doctors and build to retirement. We don’t get rich off of a big deal or a big case or any money generated by anyone else. Along the way you try to enjoy yourself. I have owned Porsches and a California. Now I am in the market for a 488. I could write a check for one but that would put a dent in my bank account. I can afford to put a nice down payment down and comfortably make a monthly payment. I refuse to feel bad about that. I work my butt off, have a very stressful job, deal with a lot of crap daily. I won’t go so far as to say I deserve a 300k car because a lot of people work harder than I do but, I feel justified I definitely earn it. This car is a lifelong dream and a stress buster for me. And I can’t wait.
    You should be God grateful that you have been blessed with the means to write a check for these cars and for some of you multiple cars. But I don’t agree with mocking, criticizing or downplaying anyone who can responsibly figure out how to fulfill a dream. Can’t wait to join the club again.
    Thanks for the discussion enjoyed most of it.
     
  19. Jo Sta7

    Jo Sta7 F1 Rookie
    Rossa Subscribed

    Oct 13, 2015
    4,896
    Scottsdale/Pittsburgh
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    Jon
    None of us deserves anything. You earned the ability to be able to buy a 488. You should be proud. Post pics when you get the car :)
     
    VAF84, Drson, Chizz and 2 others like this.
  20. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    You've got a different lot than an entrepreneur like myself. If you enjoying being a surgeon and don't have any desire to retire early, spending money along the way makes sense. You can do the math assuming you'll keep making however much a year. I am not certain I will make any money next month, so my toys should be bought in cash. While my net worth is higher than my doctor friends, I have to make it last the rest of my life, as I cannot assume to make what I do for the rest of my working years. I do get jealous of their stability. I often have this conversation at a beach house I co-own with a doctor friend.
     
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  21. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

    Amen!


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  22. Coincid

    Coincid F1 Rookie

    Dec 9, 2014
    3,577
    Canada
    #97 Coincid, Jan 16, 2021
    Last edited: Jan 16, 2021
    As of end of 2020, 364,084 ( .01 % of the population) Americans have a net worth of $10 million or more.
     
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  23. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    Source?

    Sent from my Pixel 4 XL using FerrariChat.com mobile app
     
  24. Coincid

    Coincid F1 Rookie

    Dec 9, 2014
    3,577
    Canada
    Data- 2019 Federal Reserve( SCF). Calculated as follows: 1, 456,336 families are decamillionaires. The average household is comprised of 4 people. Therefore 364,084 indiviuals are decamillionaires in a population of 340,000,000. Amounts to approximately .01% of the US population.
     
    Ash Patel likes this.
  25. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    There are 128.45MM households in America. If 1.4 million of them have 10 million dollars, then 1 in a 100 households have 10MM dollars. Lines up with Forbes numbers.

    As stated earlier, yes, you get to count your wife's money. Kids get to count their dads money. I don't divide my net worth by 3 because I am married with a kid in my household. All three of us get to claim we have the household net worth for this to work.

    To circle back, 1.4 million households have 10 million dollars or more. We do agree on that. If 1.4 million households have 10 million or more, I think Ferrari can sell more than a 1,000 cars a year to only all cash buyers. Financing is not necessarily required for their business to operate at that low number. That's one in 1,400 decamillionaires households buying a new Ferrari every year.
     

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